Regulation 3 Scope

(1)

Part II of these Regulations makes provision for the purposes of section 34A of the Act (general business: equalisation reserve) in relation to business other than credit insurance business; and Part III makes provision for the purposes of that section in relation to credit insurance business.

(2)

In relation to Part II—

(a)

any business to which that Part applies is hereby prescribed for the purposes of section 34A(1) as a description of general business; and

(b)

for the purposes of section 34A(3) (companies to which section 34A does not apply), there is hereby prescribed any company which is an assessable mutual.

(3)

In relation to Part III—

(a)

any business to which that Part applies is hereby prescribed for the purposes of section 34A (1) as a description of general business; and

(b)

for the purposes of section 34A(3) there is hereby prescribed any company other than—

(i)

a UK company; and

(ii)

a non-EC company.